Houston

JLL brokers sale of Houston office portfolio

​HOUSTON, Feb. 5, 2018 – JLL's Capital Markets experts today announced the firm completed the sale of the five-building Pin Oak Portfolio in the Houston suburb of Bellaire. JLL represented the seller, a partnership between Investcorp and Griffin Partners. Norvin Healthcare Properties purchased the portfolio on behalf of its investment partnership, adding to its medical-oriented holdings in the Houston market. The 504,609-square-foot portfolio is 93 percent leased, 58 percent of which is to medical tenants. ​

"The portfolio's strong medical tenancy combined with a strategic location along the West Loop in the affluent city of Bellaire made this portfolio attractive for investors looking to draft off of the favorable momentum in medical office demand in the Houston area," said Managing Director Mindy Berman, head of JLL Capital Markets, Healthcare. "Investors are on board with the durable qualities of medical office, and we anticipate continued activity throughout the year."

Added JLL Managing Director Rudy Hubbard, Capital Markets, Investment Sales, "Pin Oak is perfectly suited to capture the need for medical office, offering desirable demographics and easy access at a relative discount to the nearby Texas Medical Center (TMC). The investor interest in the portfolio was high and showed how well medical properties support pricing levels compared favorably with local commercial office."

Pin Oak is just minutes from the Texas Medical Center, the world's largest medical complex. The campus provides an easy alternative for care providers and patients in a town where the average household income is $230,000. While the majority of space is leased to medical tenants, the portfolio provides a diverse roster of tenants in professional and financial services.

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About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. AFortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $145 billion. At the end of the third quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of over 80,000. As of September 30, 2017, LaSalle Investment Management had $59.0 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.